Ron Ten Berge has looked at a lot of companies in his time as a businessman and he has advised many of them as well. Some essential advice he has for young or small businesses: create monthly plans and budgets.
Create an annual plan and track progress to meeting your monthly and then annual goals. Reporting: develop some Key Performance Indicators (KPIs) so that you can measure the health of your business.
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Some example KPIs include: sales and profit growth, repeat customer rate, numbers of new customers added, percentage of volume from new products, amount of business done direct to consumer, etc.
There is a dashboard of metrics that need to be created for every business and great businesses hone that down to 5-7 things that really matter. They monitor these KPI’s rigorously, because when you monitor these things, you discover what drives the business.
Read this post as well: Ron Ten Berge on Mergers and Acquisitions
Ron Ten Berge (a successful businessman) has helped companies thrive by following these essential rules of business management and development.